Housing Capital gains exclusion after transfer to trust?

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Subject Author Date Housing Capital gains exclusion after transfer to trust? Thunderbird 11-09-2009  Re: Housing Capital gains exclusion after transfer... D. Stussy 11-09-2009
Posted by Thunderbird on November 9, 2009, 4:34 pm Please log in for more thread options How is the capital gain tax exclusion for residential housing effected by transfer of the property to a trust? E.g. bought house for $100K Y2000 (primary residence), transferred deed to trust in Y2008, property is sold in Y2009 (seller is trust) for $300K. How is the capital gains tax liability computed? -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by D. Stussy on November 9, 2009, 5:33 pm Please log in for more thread options > How is the capital gain tax exclusion for residential housing effected > by transfer of the property to a trust? > E.g. bought house for $100K Y2000 (primary residence), transferred > deed to trust in Y2008, property is sold in Y2009 (seller is trust) > for $300K. How is the capital gains tax liability computed? Grantor trust: No effect. Disregarded for tax purposes. You still get to exclude your entire $200k of profit. If you did something else, we will need details on the type of trust you used. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted 250K Capital Gains Exclusion November 28, 2006, 1:03 am Capital gains exclusion when splitting property sale May 18, 2008, 3:41 pm Capital Gains on House Sale from Living Trust April 12, 2006, 7:55 am Foreign Housing Exclusion and Real Estate Taxes April 13, 2007, 11:29 pm Transfer of Prop 13 benefits when inheriting family home via Trust? April 14, 2007, 12:07 am does a living trust qualify for annual gift tax exclusion? February 21, 2008, 12:02 am Mutual Fund Transfer: How to deal Capital Loss? November 12, 2006, 4:03 pm Capital Gain exclusion on sale of portion of farmers land February 23, 2010, 8:03 am Capital Loss in Trust February 25, 2010, 5:07 pm Short Term Capital Gains and Long Term Capital Losses January 13, 2007, 2:12 am